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MIRA INFORM REPORT
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Report No. : |
489042 |
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Report Date : |
02.02.2018 |
IDENTIFICATION DETAILS
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Name : |
AO MELON FASHION GROUP |
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Registered Office : |
10-ya Krasnogrmeyskaya Street 22, Liter A, Admiralteyskiy District,
190103 Saint Petersburg |
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Country : |
Russia |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
27.12.2005 |
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Com. Reg. No.: |
OGRN 1057813298553 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Agents involved in
the sale of textiles, clothing, fur, footwear and leather goods |
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No. of Employees : |
3,700 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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Russia |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
RUSSIA - ECONOMIC
OVERVIEW
Russia has undergone significant changes since the collapse of the Soviet Union, moving from a centrally planned economy towards a more market-based system. Both economic growth and reform have stalled in recent years, however, and Russia remains a predominantly statist economy with a high concentration of wealth in officials' hands. Economic reforms in the 1990s privatized most industry, with notable exceptions in the energy, transportation, banking, and defense-related sectors. The protection of property rights is still weak, and the state continues to interfere in the free operation of the private sector.
Russia is one of the world's leading producers of oil and natural gas, and is also a top exporter of metals such as steel and primary aluminum. Russia is heavily dependent on the movement of world commodity prices as reliance on commodity exports makes it vulnerable to boom and bust cycles that follow the volatile swings in global prices. The economy, which had averaged 7% growth during the 1998-2008 period as oil prices rose rapidly, has seen diminishing growth rates since then due to the exhaustion of Russia’s commodity-based growth model.
A combination of falling oil prices, international sanctions, and structural limitations pushed Russia into a deep recession in 2015, with GDP falling by close by 2.8%. The downturn continued through 2016, with GDP contracting another 0.2%, but was reversed in 2017 as world demand picked up. Government support for import substitution has increased recently in an effort to diversify the economy away from extractive industries.
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Source : CIA |
SUMMARY
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COMPANY NAME
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AO Melon Fashion Group |
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ADDRESS
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Building |
Street |
Area |
PO Box |
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Kellermann Center, 6th Floor, Room 1-H |
10-ya Krasnogrmeyskaya Street 22, Liter A |
Admiralteyskiy District |
190103 Saint Petersburg |
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TEL/FAX
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Verified Phones: +(7 812) 240
4620 / +(7
812) 240 4626 / Fax: +(7 812) 600 0354 |
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EMAIL/WEBSITE
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Email: office@melonfashion.ru / Website: www.melonfashion.ru |
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ACTIVITY
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NACE 4616 - Agents involved in the sale of textiles, clothing, fur,
footwear and leather goods; |
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PRINCIPAL
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David
Kellermann |
Workforce |
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Chairman |
3,700 |
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LEGAL INFO
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Date Of Est. |
Reg. No. |
Legal Form |
Status |
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27/12/2005 |
OGRN 1057813298553 |
Joint Stock Company |
Active |
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CAPITAL
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CURRENCY |
AMOUNT |
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RUBLE (RUB) |
48,156,000 |
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IDENTIFICATION
|
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CO. NAME
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AO Melon
Fashion Group |
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TRADEMARK
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Zarina /
befree / Love Republic |
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ALSO KNOWN NAME (S)
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MFG / AO
Melon Feshn Grup / JSC Melon Fashion Group
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BUILDING
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Kellermann Center, 6th
Floor, Room 1-H |
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STREET
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10-ya Krasnogrmeyskaya Street 22,
Liter A |
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AREA
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Admiralteyskiy District |
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POSTAL ADDRESS
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190103
Saint Petersburg |
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CITY
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Saint Petersburg |
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COUNTRY
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Russia |
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TELEPHONE
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+(7 812) 240
4620 / +(7
812) 240 4626 / +(7
812) 318 0591 |
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FAX
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+(7
812) 600 0354 |
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VERIFIED EMAIL
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office@melonfashion.ru /
ssistant@melonfashion.ru |
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WEBSITE
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www.melonfashion.ru |
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BUSINESS HOURS
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DAYS |
OFFICE HOURS |
BREAK TIME |
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Mon-Fri |
09:00-18:00 |
13:00-14:00 |
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REGISTERED ADDRESS
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10-ya Krasnogrmeyskaya Street 22,
Liter A, Admiralteyskiy District,
190103 Saint Petersburg, Russia |
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SENIOR
PERSONNEL
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MANAGEMENT
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NAME |
POSITION |
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David Kellermann |
Chairman |
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Board of Directors Kestutis Sasnauskas Mikhail Urzhumtsev Sanny Moskovits Jacob Grapengisser Management Mikhail Urzhumtsev Natalia Samuticheva Igor Maltinsky Polina Bakshaeva Yulia Shevkalenko Maciej Borys Elena Tarasova Tatiana Bredikhina Natalia Nemchina Elena Kovalenko Lidia Golubchina |
Member of the Board Member of the Board Member of the Board Member of the Board President & CEO Chief Financial Officer Business Development Manager HR Director Logistics Director Export Director Brand Director / ZARINA Brand Director / befree Brand Director / LOVE REPUBLIC Product Manager Purchasing Manager |
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WORKFORCE
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NO. OF EMPLOYEES |
PERIOD |
|
600 (Head
Office) |
01.2018 |
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3,700 (MFG Group) |
01.2018 |
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FINANCIAL
SUMMARY
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REVENUE
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31/12/2016 |
31/12/2015 |
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RUBLE 12,474,654,000 |
RUBLE 12,563,031,000 |
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NET PROFIT / (LOSS)
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31/12/2016 |
31/12/2015 |
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RUBLE 131,242,000 |
RUBLE 272,534,000 |
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PROFIT BEFORE TAX
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RUBLE 222,342,000 as of 31/12/2016 |
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STOCK/INVENTORIES
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RUBLE 2,266,474,000 as of 31/12/2016 |
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LEGAL
STATUS
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INCORPORATION
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27/12/2005
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REGISTRATION NO.
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C.R. NUMBER |
ISSUED BY |
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OGRN 1057813298553 |
Federal Tax Service |
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OTHER REGISTRATION NO.
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INN
7839326623 (Tax Code) / KPP 783901001
/ OKPO 79723322 (Statistics Code) / OKTMO 40306000000 |
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AUTHORISED CAPITAL
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AMOUNT |
CURRENCY |
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48,156,000 |
RUBLE |
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PAID-UP CAPITAL
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AMOUNT |
CURRENCY |
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48,156,000 |
RUBLE |
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LEGAL FORM
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Joint Stock
Company |
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BUSINESS HISTORY
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The
Company was incorporated in Russia on 27 December 2005 on the basis of Pervomayskaya Zarya, which was operating since 1964. |
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STATUS
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Active |
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SHAREHOLDERS
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NAME |
PERCENTAGE |
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1. Humarito
Ltd Themistokli Dervi 3, Julia
House 1066, Nicosia Cyprus Est.: 29/08/2008 C.R. No.: ΗΕ 237008 Managing Director: Eric Gustaf Strandberg Stadler Sole Shareholder: Eastnine AB (frmly East Capital Explorer AB) 2. I.G.M.
Manufactrust Limited Bύronos Street 36 Nicosia Tower Center, Floor 8, 1506, Nicosia Cyprus Est.:
20/01/1986 C.R. No.:
ΗΕ 26047 3. MFG
Intressenter AB PO Box: 1364 111 93 Stockholm Sweden
Sole Shareholder: East Capital Holding AB
4.
Mikhail Urzhumtsev 5.
Management of JSC Melon Fashion Group 6.
Other physical persons 7.
Other legal entities Ultimate
parent company Eastnine
AB (frmly
East Capital Explorer AB) Kungsgatan
35 PO
Box 7214 103
88 Stockholm Sweden Tel:
+(46 8) 5059 7700 E-mail:
info@eastnine.com Eastnine
AB is a Swedish investment company with a net asset value of EUR 248 million,
offering unique investment opportunities in Eastern Europe, where the Baltic
countries represent the company’s largest investment region. The company
primarily invests in unlisted assets within the private equity and real
estate segments. East Capital Explorer’s main investment theme is domestic
growth and the company targets fast growing sectors such as real estate,
consumer goods and financials. East Capital Explorer is listed on Nasdaq
Stockholm, Mid Cap. |
35.96% 35.53% 11.23% 6.12% 3.23% 7.18% 0.75% |
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OPERATION
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BANKERS
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1. OOO HSBC
Bank (RR) Liter A, 3A Volynsky Lane Saint-Petersburg, 191186
Russia
Tel: +(7 495) 721 1515
Fax: +(7 495) 258 3154
SWIFT: BLICRUMM 2. PAO BINBANK
Vladimirskyi prospect, d.8, liter A, pom. 9H Saint-Petersburg
Russia
Tel: +(7 812)495 6398 3. AO Raiffeisenbank
Troitskaya Street 17/1
Moscow 129090
Russia
Tel: +(7 495) 721 9900
Fax: +(7 495) 721 9901 4. PAO Bank Saint-Petersburg
64A, Malookhtinsky pr.,
St. Petersburg, 195112
Russia
Tel: +(7 812) 329 5050 |
AUDITORS
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AO PricewaterhouseCoopers Audit Bolloev Centre Office Building 4 Grivtsova Lane St Petersburg 190000 Russia Tel: +(7 812) 326 6969 Fax: +(7 812) 326 6699 |
ACTIVITY CODE (NACE)
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4616
- Agents involved in the sale of textiles, clothing, fur, footwear and
leather goods; |
LINE OF BUSINESS
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Manufacturers, importers,
exporters and retailers of women’s and men’s clothing, shoes and accessories under
the trademark “ZARINA”, “befree” and “LOVE REPUBLIC”. |
IMPORT FROM
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China (90.8%), Bangladesh
(4.7%), India (3.3%), Myanmar (0.7%), Uzbekistan (0.4%) and Kyrgyzstan
(0.2%). |
EXPORT TO
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Ukraine, Belarus, Georgia, Armenia, Kazakhstan and
Poland. |
FACILITIES
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Owned premises comprising administrative offices
located at the heading address as well as 561 retail outlets located
throughout Russia, Ukraine, Belarus, Georgia, Armenia, Kazakhstan and
Poland. |
RELATED COMPANIES
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Subsidiaries 1. OOO
Melon Fashion Ukraine Ukraine Interest held: 100% 2. OOO
Melon Fashion Trading China Interest held: 100% 3. OOO Melon Fashion Poland
Poland
Interest held: 100% 4. OOO
Taxi Style Russia
Interest
held: 100% Associates
of Eastnine AB
(subject’s parent) 1. ECEX Holdings SA
Luxemburg 2. East Capital Explorer Investments
AB
Sweden 3. Baltic Cable Holding OÜ
Estonia 4. UAB Portarera
Lithuania 5. UAB Solverta
Lithuania 6. UAB Verslina
Lithuania 7. Trev-2 Group
Estonia 8. 3 Burės
Lithuania 9. East Capital Baltic Property Fund
II
Luxemburg 10.East Capital Baltic Property Fund
III
Luxemburg 11.East Capital Deep Value Fund
Luxemburg 12.Komercijalna Banka Skopje
Macedonia 13.East Capital Global Frontier
Markets Fund
Luxemburg 14.East Capital Bering Ukraine Fund
Class R
Cayman Islands 15.Starman
Estonia |
FINANCIAL
INFORMATION
|
||
CURRENCY
|
RUBLE |
|
PERIOD
|
31/12/2016 |
31/12/2015 |
CURRENT ASSETS
|
3,382,705,000 |
3,835,987,000 |
STOCK/INVENTORIES
|
2,266,474,000 |
2,605,717,000 |
NON-CURRENT ASSETS
|
1,436,845,000 |
1,110,212,000 |
CURRENT LIABILITIES
|
2,758,291,000 |
2,977,316,000 |
NON-CURRENT LIABILITIES
|
158,830,000 |
144,114,000 |
EQUITY
|
1,902,429,000 |
1,824,769,000 |
BALANCE TOTAL
|
4,819,550,000 |
4,946,199,000 |
REVENUE
|
12,474,654,000
|
12,563,031,000 |
NET PROFIT / LOSS
|
131,242,000 |
272,534,000 |
NOTES
|
Consolidated
Balance Sheets as at 31 December 2016 showed : 31/12/2016 31/12/2015 (in thousands of
RUBLE) ASSETS
Non-current assets Property, plant and equipment 1,112,128 852,607 Investment property 56,427 38,163 Intangible assets 102,306 33,482 Deferred income tax asset 58,876 44,937 Trade and other receivables 107,108 141,023 Total non-current assets 1,436,845 1,110,212 Current assets Inventories 2,266,474 2,605,717 Trade and other receivables 541,598 671,411 Current income tax overpayment - 19,698 Derivative Financial Instruments - 152,093 Cash and cash equivalents 574,633 387,068 Total current assets 3,382,705 3,835,987 Total assets 4,819,550 4,946,199 EQUITY & LIABILITIES Equity Share capital 48,094 48,124 Share premium 609,674 612,044 Revaluation reserve 8,513 6,143 Translation reserve 95,979 50,439 Retained earnings 1,140,169 1,108,019 Total equity 1,902,429 1,824,769 Liabilities Non-current liabilities Retirement benefit obligations 1,440 1,752 Trade and other payables - 638 Deferred income tax liability 157,390 141,724 Total non-current liabilities 158,830 144,114 Current liabilities Trade and other payables 2,451,672 2,749,793 Borrowing 4,127 – Retirement benefit obligations 281 281 Current income tax payables 33,858 - Dividends payable 130 949 Derivative financial instruments 22,955 - Other current Liabilities 245,268 226,293 Total current liabilities 2,758,291 2,977,316 Total liabilities 2,917,121 3,121,430 Total liabilities and equity 4,819,550 4,946,199 Consolidated Statement of Profit
or Loss Account 31/12/2016 31/12/2015 (in thousands of
RUBLE) Revenue 12,474,654 12,563,031 Cost of sales (6,542,419) (6,788,403) Gross profit 5,932,235 5,774,628 Distribution costs (4,841,619) (4,996,590) General and administrative expenses (550,483) (435,521) Net other operating (costs)/income (296,431) 164,160 Operating profit 243,702 506,677 Finance income 6 2 Finance expense (21,366) (105,210) Finance loss – net (21,360) (105,208) Profit before income tax 222,342 401,469 Income tax expense (91,100) (128,935) Profit for the year 131,242 272,534 |
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PAYMENT
RECORDS
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CREDIT OPINION
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We consider it is acceptable to deal
with subject for LARGE amounts. |
FINANCIAL STRENGTH
|
Normal |
SPECIAL
REMARKS
|
|
INTERVIEWED
|
Lidia Golubchina (Purchasing
Manager). |
COMMENTS
|
You
enquired on: JSC MELON FASHION GROUP. Please note that this name applies to
an English translation of the subject’s name. Subject’s correct registered
name is as per heading. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.61 |
|
|
1 |
INR 89.32 |
|
Euro |
1 |
INR 78.95 |
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RUB |
1 |
INR 1.14 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIY |
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Report Prepared
by : |
SYL |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low risk
of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the business
is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.